V Auditor

V - AUDITOR

1

Purpose

For construction / renovation / expansion / modernization of premises.

For acquisition of ready built office premises on ownership basis.

For acquiring land and construction of office premises thereon.

To purchase furniture & fixture, office equipment, computers, other accessories etc.

Towards working capital and/ or  financing receivables

2

Eligibility

 

Age: Between 21 -65 years (in case of Individuals and proprietorship firms)

 

i)Chartered Accountants ,Cost Accountants, Company Secretaries with minimum experience of  5 years from the date of Certificate of Practice (COP), individually or Proprietorship Concern or a Partnership Firm/Partnership with Limited Liability,

ii)The applicants /Firms are registered with Institute of Chartered Accountants of India (ICAI)/ Institute of Cost Accountants of India (ICAI)/Institute of Company Secretaries of India (ICSI) and also holding valid certificate/license for carrying out the practice.

iii)The Applicants/Firms/ should not have been subjected to disciplinary action by the Institute.

3

Nature of facility

Term Loan/Working Capital

4

Quantum of Loan minimum/maximum

Minimum   :    Rs.2.00 lakhs

Maximum : Rs.100.00 lakhs with maximum Working Capital component(CCH) Rs.10 lakhs

5

Margin

25% of the cost of assets to be acquired/ purchased in case of movables.

35% of the project cost in case of finance towards purchase/construction/repairs/ renovation of office premises.

However, loan component towards cost of land in case of purchase-cum-construction should not exceed 50% of the project cost

6

Rate of interest

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7

Guarantor

Personal guarantee of partners in case of firms.

Third party guarantee in case of individuals for loans exceeding Rs.10.00 lakhs

8

 

 

 

Security

 

 

 

Primary  Security  :

Hypothecation of movable assets acquired out of Bank finance.

Mortgage of property acquired out of finance in case of loan towards purchase /construction of premises, expansion or renovation of existing premises

Collateral Security:

Loan up to Rs.10 lakhs: No Collateral /Third party guarantee. Loans should be covered under CGTMSE.

No collateral security for term loan sanctioned for purchase/construction/ repair/ renovation of the premises.

For loan amount exceeding Rs.10.00 lakhs, collateral security by way of immovable property equivalent to 50% of total exposure or liquid securities such as Bank deposits, NSCs, Surrender value of LIC policies, equivalent to 35 % of the total exposure to be taken.

9

Processing fees/other charges

Processing/upfront fees:

No processing fee for loans upto Rs.5.00 lakhs

0.25%+GST of the loan amount for loans exceeding Rs.5.00 lakhs

Documentation charges :

No documentation charges for loans upto Rs.25.00 lakhs

0.15% + GST of loan amount for loans exceeding Rs.25.00 lakhs

Inspection Charges :

Rs.250.00 + GST or actual expenses incurred whichever is high, to be paid annually

10

Repayment

To be fully repaid before completion of 72 years of age of the applicant (in case of individual/proprietor).

Term loan:

Repayable in maximum of 84 EMIs, with initial moratorium of maximum upto 12 months. Interest has to be serviced during moratorium period.

Working capital: To be reviewed/renewed every year.

11

Application with checklist

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